The Real Deal Chicago

Albion Residential scores $57M construction loan for Oak Park resi tower

The 265-unit apartment building would rise near Austin Gardens park in the village’s downtown
By John O’Brien |
Research by Laura Hanrahan
May 09, 2018 01:00PM

The Albion at Oak Park at 1000 Lake Street (Credit: Albion-Residential)

Albion Residential scored a $56.8 million construction loan for a residential tower in suburban Oak Park.

The Chicago-based firm secured the loan from CIBC Bank USA for the 265-unit Albion at Oak Park tower at 1000 Lake Street, county records show.

Albion officially bought the property on Nov. 1 for $7.15 million, records show, not long after Oak Park village officials approved the project, according to Pioneer Press.

The proposed 19-story tower near Austin Gardens park initially was to be 18 stories, but ran into opposition from the village. Albion came back with a building with staggered roof heights of 9 to 19 stories that ultimately won approval.

The building also will include ground-floor retail and 207 parking spots. It is expected to take more than two years to complete, according to Pioneer Press.

Albion did not immediately respond to a request for comment.